While trying to find out who Low Taek Jo is in UBG Bhd (group advisor/non-executive director, as it turns out), I was puzzled by what I also came across.
According to Bursa Malaysia’s main market listing requirements, Chapter 3 on Admissions, Rule 3.06(1) and Chapter 8 on Continuing Listing Obligations, Rule 8.02(1,4):
3.06 Shareholding spread
(1) An applicant must have at least 25% of the total number of shares for which listing is sought in the hands of a minimum number of 1,000 public shareholders holding not less than 100 shares each.
Updated
PART B –CONTINUING LISTING CRITERIA
8.02 Compliance with shareholding spread requirement
(1) A listed issuer must ensure that at least 25% of its total listed shares (excluding treasury shares) are in the hands of public shareholders. The Exchange may accept a percentage lower than 25% of the total number of listed shares (excluding treasury shares) if it is satisfied that such lower percentage is sufficient for a liquid market in such shares.
(4) A listed issuer which fails to maintain the required shareholding spread referred to in subparagraph (1) above may request for an extension of time to rectify the situation in the manner as may be prescribed by the Exchange.